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2414 Kimway Drive Matthews, NC 28105

3 Beds 2 Baths 1,826 sqft Built 1976

$284,900

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $156.02
  • 7 Days on Market
  • MLS # : 3697783
  • Updated Date : 01/16/2021 at 11:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,826 sqft
  • Baths : 2 full
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Tucked away on a wooded acre lot in a cul-de-sac at the end of a quiet street, this 3 bedroom 2 bathroom ranch is a rare find. Recently renovated, this house has granite counters in the kitchen with a beautiful tiled backsplash. Both bathrooms have been renovated with tile & new vanities. There are 2 living areas including one with a cozy wood burning fireplace for those chilly nights. New flooring throughout the house. The house has been recently painted inside and outside- also has a brand new deck where you can relax and enjoy the privacy of the setting. House had a new roof placed in 2017. New Insulation in Crawlspace with Vapor Barrier done in fall 2020. Close to 485, shopping and quaint downtown Matthews

SEE MORE

MARKET HIGHLIGHTS

  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)
  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)

PRICE & RENT TRENDS

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Butler High School High Regular 2,081 106 7

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$256,410$313,390$284,900

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$990
Property Tax -$229
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$201

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$284,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,249

INVESTMENT

$81,249

Down Payment
$71,225
Rehab Estimate
$5,750
Closing Costs
$4,274

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,225
Loan Amount $213,675
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$37,075

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,600

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,634

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6003$1,6504$1,7005$1,795
$1,795
RENT COMPS ANALYSIS
  • 2414 Kimway Drive Matthews, NC 2
    • 3 beds 2 baths ∙ 1,826 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,826 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.88
    •  
  • 8817 Hadco Lane Matthews, NC 1
    • 4 beds 2 baths ∙ 1,822 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,822 Sqft ∙ Built 2002
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.88
    •  
  • 2328 Heathershire Lane Matthews, NC 3
    • 3 beds 3 baths ∙ 1,822 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,822 Sqft ∙ Built 1988
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.91
    •  
  • 2308 Heathershire Lane Matthews, NC 4
    • 3 beds 3 baths ∙ 1,934 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,934 Sqft ∙ Built 1988
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.88
    •  
  • 13701 Strathaven Drive Matthews, NC 5
    • 4 beds 3 baths ∙ 1,978 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,978 Sqft ∙ Built 1987
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.91
    •  
PROPERTY LISTING DETAILS
Joe Lovallo
1.704.449.5259
Wilkinson Era Real Estate
BESbswy